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16.01.15 – Bitcoin – Update

Price at Bitfinex testing temporary support | 1HR time interval

On the long side: A confirmation above $223 temporary resistance (light blue dotted line) will test $230 intermediate resistance (pink dotted line). If price manages to burst through the latter, then $241 near term resistance (red dotted line) may be a possible target.

On the short side: Temporary support at $213 must hold. A strong breach will test $205 intermediate support (orange dotted line) and a continuation may retest $195 near term support (green dotted line). It is estimated that a break below $195 will test $185 breakout support (white dotted line).

160115 - Bitfinex - BTCUSD

16.01.15 – Bitfinex – 1HR Candlestick Chart

Overall: Following a very brief reversal that lead to $195, for the past 10 hours market has managed to stabilize. However, signals are a mixed. RSI is still elevated supporting current ascending channel. MACD is in positive momentum territory but with a weak signal. Finally, Stochastic is retesting overbought, in a pattern that looks like a temporary double top. Therefore a bit of weakness is expected once more.

Possible Scenarios:

Long: On a confirmed break above $223 – Price Target $241
Neutral: Price Range $213-$223
Short: On a confirmed break below $213 – Price Target $195

Our Stance: Neutral to short. 2/3 of longs closed since yesterday. Market not convincing yet. Longs will be attempted on appropriate confirmation only.


Price at Bitstamp testing temporary support | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above $224 – Target $240
Neutral: Price Range $213-$224
Short: On a confirmed break below $213 – Target $192


Price at BTCe testing temporary support | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above $220 – Target $234
Neutral: Price Range $210-$220
Short: On a confirmed break below $210 – Target $193


Price at Kraken testing temporary support | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above €194 – Target €205
Neutral: Price Range €184-€194
Short: On a confirmed break below €184 – Target €170


Price at OKCoin testing temporary support | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥1368 – Target ¥1470
Neutral: Price Range ¥1286-¥1368
Short: On a confirmed break below ¥1286 – Target ¥1207


Price at Huobi testing temporary support | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥1361 – Target ¥1461
Neutral: Price Range ¥1291-¥1361
Short: On a confirmed break below ¥1291 – Target ¥1203

 

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